GoHenry Review: Debit Card And Financial Literacy App For Kids

Teaching your kids smart money management can set them up for a bright future. The right tools can make all the difference when teaching your child about money.

That’s when GoHenry enters the picture. GoHenry is a money management platform designed for kids that offers a debit card with parental controls. Beyond that, it encourages savings and smart money strategies.

Let’s take a closer look at GoHenry to see if it could be a good option for your family.

What Is GoHenry?

GoHenry was initially created as a fintech company in the UK. The founders were a group of parents who wanted to provide their kids with tools to learn about money management.

Since its inception in 2012, the platform has expanded in the US market. Now over 1.5 million members are using GoHenry to teach their kids effective money strategies. The base of GoHenry is centered on a debit card with a connected app that kids and parents can both use. 

What Does It Offer?

GoHenry provides a platform to teach your child money management strategies. But there are a set of key features that really open up the door for your child to expand their financial understanding. Here’s what the platform can offer to you and your child. 

Spending

Although your child’s account is under their control to some degree, you can set up spending limits on a weekly, daily, or per transaction basis. If children try to spend more than they have in their GoHenry account, the transaction will be declined.

Additionally, you can limit where your child can use the GoHenry debit card. In this way, you can prevent your child from making purchases at stores you don’t approve of.

As your child makes transactions, you’ll be notified through a Spend notification. And if necessary, you can instantly block the card from further use.

Allowance Features

Parents can set up allowances for each of their kids through GoHenry. The allowance can be sent out automatically or it can be based on certain chores.

With the automatic option, the allowance amount will be transferred to your child’s account each week. But if the allowance is tied to chores, it won't be deposited until the tasks are marked as completed. 

Goals & Savings Tools

Saving is such a critical part of smart money management. So it's no surprise that GoHenry places a big emphasis on it.

Your child can set up an unlimited number of savings goals within the app. For each goal, GoHenry will create a "pod." And as your child sets money aside, they'll be able to visually see the progress that they're making.

Charitable Donations

Your child will have the option to donate to charity directly through their GoHenry account. Specifically, The Boys and Girls Clubs of America has partnered with GoHenry to accept donations through the platform.

Custom Debit Cards

You and your child will have the option to customize their debit card for $4.99. There are 45 designs to choose from and your child's first name will replace the name "Henry" at the top-left hand side of the card. So, for example, if you're child's name is Rachel, their card would say "gorachel."

Money Missions

GoHenry isn't just a debit card for your kids. It's also a financial learning app. Through the company's new "money missions" your kids can watch videos or take interactive quizzes that are designed to build their financial literacy. And they'll earn points and badges each time they learn new skills.

Are There Any Fees?

You can give GoHenry a try for free for 30 days. After the free trial, using the platform costs $4.99 per month per child. There is a limit of 4 children per family on the GoHenry app. 

How Does GoHenry Compare?

GoHenry offers a great option for parents that want their children to learn about money management. And the $4.99 monthly fee is at the low end for kid and teen debit cards, if you only have only child. But the fee can add up quickly if you have 2-4 kids.

Greenlight is another family debit card platform that offers money management teaching moments. But you’ll enjoy a better price point if you have multiple kids. You’ll pay between $4.99 to $9.98 for the whole family. Plus, you can unlock features that allow your child to start investing and earn interest through the app.

Another solid option is FamZoo. The platform offers plenty of features at a fair price point. But, unlike Greenlight, it doesn't offer investing.

How Do I Open An Account?

Ready to use GoHenry? Here’s how to get started.

First, you’ll open a GoHenry account in your name. Be prepared to provide personal information such as your phone number, date of birth, and Social Security Number.

Once your account is in place, you can set up individual GoHenry accounts for your children. The children must be between ages 6 and 18. You’ll need to provide the child’s first and last name. Plus, their date of birth. 

Is It Safe And Secure?

Yes, the money held in your GoHenry account is FDIC-insured for up to $250,000. That means that your funds are insured, even if GoHenry goes out of business.

The debit card comes with chip and pin protection, bank-level encryption, and the ability to block and unblock spending at any time. Plus, the Mastercard offers Zero Liability Protection and FDIC insurance on accounts of up to $250,000.

How Do I Contact GoHenry?

If you need to get in contact with GoHenry, you can fill out this form on their website or call 877-372-6466. Additionally, you can connect on Facebook, Twitter, and Instagram @gohenry.

Since the company has earned 3.9 out of 5 stars with over 1,500 reviews on Trustpilot, you should expect a positive experience if you need support from the GoHenry team.

Is It Worth It?

GoHenry provides a helpful platform to begin the process of teaching your child or teen about money management. Although there is no opportunity to learn about investing, the basics of budgeting, saving, and giving are built right in.

Unfortunately, the cost can add up quickly for families with multiple kids who will need cards. If you're looking for a more budget-friendly option, you may want to consider Greenlight or FamZoo instead since both charge a flat fee for the entire family. 

Check out GoHenry here >>

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